After Evergrande, Chinese developer Fantasia can’t pay its debts either. That’s stoking real estate fears

Bisaya News

Fantasia Holdings, a Shenzhen-based developer, has failed to repay $ 206 million in bonds due on Monday, the company said in a listing. It is now assessing ?the potential impact on the Group?s financial position and liquidity,? it added. The property management company of Country Garden, China?s second largest developer by revenue after Evergrande, separately said in a filing that Fantasia failed to repay a corporate loan of around 700 million yuan (US $ 109 million). Fantasia had told the company that it was likely to ?fail? [its] External debt, ?added Country Garden Services.

S&P and Moody?s have given Fantasia “default” credit ratings, stating that failure to pay the principal would likely cause the company to default on its remaining bonds as well.

?The downgrade follows Fantasia?s announcement that it has failed to pay its $ 205.7 million same-day bond and reflects our expectation of a poor recovery outlook for…

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